WRT Whopity he's wrong
I would be very careful saying that Whopity is wrong in these kinds of things. But in any case both you and Whopity are quoting regulation that explicitly refers to multi-crew aircraft/operations. In other words, aircraft or types of operations that require, by law or by other regulation (e.g. operator handbook/SOP) to have two fully licensed crew otherwise the flight is not going to happen. My bold:
You can have two pilots in an aircraft, both rated to fly it, neither needs to be an instructor; if both have an operating capacity they must both log it! This does not fit any of the so called references.
The holder of a pilot licence occupying a
pilot seat as co-pilot may log all flight time as
co-pilot flight time on an aeroplane on which
more than one pilot is required under the type
certification of the aeroplane, or the
regulations under which the flight is
conducted.
Only in a multi-crew aircraft can anyone ever log P2. For single-crew aircraft (the subject of this thread), it's either:
- One person logs PIC, anybody else on board logs nothing.
- One person, who has to be a current FI, logs PIC and the student logs P/UT (or "dual")
Unless we're talking about a formal flight exam, or an integrated course, in which case there are two more possibilities.